Mark Carey

Senior Policy Advisor, 2024 - Present
Office of Financial Research

Senior Economic and Policy Advisor, 2021 - 2023
Federal Reserve Bank of Cleveland

Co-President, 2018 - 2021
GARP Risk Institute

Associate Director, 2016 - 2018
Board of Governors of the Federal Reserve System

Senior Advisor, 2011 - 2015
Board of Governors of the Federal Reserve System

Adviser, 2007 - 2011
Board of Governors of the Federal Reserve System

Finance Project Manager, 2001 - 2006
Board of Governors of the Federal Reserve System

Senior Economist, 1994 - 2000
Board of Governors of the Federal Reserve System

Economist, 1990 - 1993
Board of Governors of the Federal Reserve System

• The Bank as Grim Reaper: Debt Composition and Bankruptcy Thresholds (2021) with Michael Gordy
  Journal of Financial Economics 142(3), 1092-1108.
• Revenge of the Steamroller: ABCP as a Window on Risk Choices (2020) with Carlos Arteta, Ricardo Correa and Jason Kotter
  Review of Finance 24(3), 497-528.
• Market Institutions, Financial Market Risks, and the Financial Crisis (2012) with Anil Kashyap, Raghuram Rajan and Rene M Stulz
  Journal of Financial Economics 104(3) 421-424.
• Implications of the Crisis for Regulation (2009)
  in The First Credit Market Turmoil of the 21st Century, 311‑324.
• Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle (2007) with Greg Nini
  Journal of Finance 62(6), 2969-3007.
• 1986-2002 Credit Risk Loss Experience Study: Private Placement Bonds (2006) with other members of the Society of Actuaries Asset Risk Experience and Private Placement Committees.
• The Risks of Financial Institutions (2006)
  in The Risks of Financial Institutions.
• Some Evidence on the Consistency of Banks’ Internal Credit Ratings (2002)
  in Credit Ratings: Methodologies, Rationale and Default Risk.
• A Guide to Choosing Absolute Capital Requirements (2002)
  Journal of Banking and Finance 26(5), 929-951.
  Also see: Federal Reserve International Finance Discussion Papers no. 726.
• Parameterizing Credit Risk Models With Rating Data (2001) with Mark Hrycay
  Journal of Banking and Finance, 25(1), 195-270.
• Dimensions of Credit Risk and Their Relationship to Economic Capital Requirements (2001) in Prudential Supervision: Why Is It Important and What Are the Issues, 197-232.
• Credit Risk Rating Systems at Large U.S. Banks (2000) with William Treacy
  Journal of Banking and Finance, 24(1-2), 167-201.
• Implementation of Credit Risk Models at Major International Banks (1999)
  in Credit Risk management at Large Italian Banks.
• The Determinants of Corporate Loan Liquidity (1999) with Vijay Bhasin,
  Proceedings of the 35th Annual Conference on Bank Structure and Competition.
• Credit Risk Rating at Large U.S. Banks (1998) with William Treacy
  Federal Reserve Bulletin 84, 898-917.
• Credit Risk in Private Debt Portfolios (1998)
  Journal of Finance 53(4), 1363-1387.
• Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting (1998) with Mitch Post and Steven Sharpe
  Journal of Finance 53(3), 845-878.
• Partial Market Value Accounting, Bank Capital Volatility, and Bank Risk (1995)
  Journal of Banking and Finance, 19 (3-4), 607-622.
• The Changing Role of Life Insurance Companies in the Private Placement Market (1995) with Stephen Prowse, John Rea and Gregory Udell
  The Financial Dynamics of the Insurance Industry, 425‑454.
• Toxic Waste, Accounting and Regulation (1995)
  Proceedings of the 31st Annual Conference on Bank Structure and Competition.
• Loan Market Competition Between U.S. and Foreign Banks: Some Facts About Loans and Borrowers (1994) with Charles Calomiris
  Proceedings of the 30th Annual Conference on Bank Structure and Competition.
• The Economics of Private Placements: A New Look (1993) with Stephen Prowse, John Rea and Gregory Udell
  Financial Instruments, Institutions and Markets 2(3).
• The Economics of the Private Placement Market (1993) with Stephen Prowse, John Rea and Gregory Udell
  Federal Reserve Board Staff Study no. 166.
• Recent Developments in the Market for Privately Placed Debt (1993) with Stephen Prowse, John Rea and Gregory Udell
  Federal Reserve Bulletin 79, 77.
• The Private Placement Market: Intermediation, Life Insurance Companies, and a Credit Crunch (1992) with Stephen Prowse, John Rea and Gregory Udell
  Proceedings of the 28th Annual Conference on Bank Structure and Competition.

Co-director, NBER Risk of Financial Institutions Working Group, 2000-2023 (with Rene Stulz)
Co-Editor, Journal of Financial Services Research 2016-Present (Associate Editor 1999-2016)
Associate Editor, Journal of Financial Intermediation, 2013-2018
Associate Editor, International Journal of Central Banking, 2007-2018
Associate Editor, Journal of Money, Credit and Banking, 2001-2007
Vice Chair, Society of Actuaries Credit Risk Loss Experience Study, 1994-2004